Ukraine finalises ratification of Türkiye free trade pact

Ukraine’s parliament ratified a free trade agreement with Türkiye on July 14, completing a key step toward bringing the pact into force more than two years after it was signed.

The Verkhovna Rada approved the ratification law, according to its press service, following the submission of draft law No. 0340 by the Cabinet of Ministers. The legislation finalises the domestic procedures required for the agreement, signed in Kyiv on February 3, 2022, to take effect.

Deputy Prime Minister Taras Kachka said the agreement would give Ukrainian businesses the time and opportunity to expand into one of the region’s largest markets, while also helping Ukraine prepare for eventual European Union membership with strengthened export capacity, established partnerships, and improved logistics.

Kachka said the agreement sends a key tariff signal to stimulate the development of Ukraine’s processing industries.

“Currently, 77% of our exports to Türkiye consist of grain and sunflower oil. These are mainly raw materials that Turkey processes on its territory. The agreement removes barriers specifically for processed products: food products, feed concentrates, and oilseed products of deeper processing. Products manufactured in Ukraine will enter the Turkish market duty-free. This is a significant argument in favour of investing in processing specifically in Ukraine,” he said.

He added that the agreement also has an important European dimension. It предусматривает the application of the updated Regional Convention on pan-Euro-Mediterranean preferential rules of origin, allowing Ukrainian manufacturers to use Turkish materials and components while retaining preferential origin status for exports to the EU.

Türkiye ratified the agreement on August 2, 2024.

By Tamilla Hasanova